In the figure above, the marginal rate of substitution (MRS) at point A is
A) greater than the MRS at any other point on the indifference curve.
B) equals the MRS at all other points on the indifference curve.
C) less than the MRS at any other point on the indifference curve.
D) equal to the slope of the budget line.
D
You might also like to view...
If the income elasticity of demand for a good is negative, this means that:
a. only the poor will buy the good. b. as incomes fall, less will be spent on the good. c. as incomes rise, the demand for the good will fall. d. the good does not obey the law of demand.
The new growth theory examines the role of
A. technology in economic growth. B. natural resources in economic growth. C. government in economic growth. D. exports in economic growth.
For a particular product, an effective price floor results in
A. quantity demanded equal to quantity supplied. B. demand equal to supply. C. quantity demanded greater than quantity supplied. D. quantity supplied greater than quantity demanded.
Economic growth shifts a society's production possibility frontier away from the origin.
Answer the following statement true (T) or false (F)